Growth in the average monthly regular wage in the local industrial and service sectors rose 3.09 percent to NT$47,884 (US$1,512) last year, the highest in 26 years beating inflation, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday.
After adjusting for inflation, the average real regular wage grew 1.40 percent to NT$43,690 last year, indicating that growth was above inflation, the DGBAS’ data showed. The 1.40 percent growth was the highest level in five years.
Last year, average annual aggregate earnings, comprised of regular wages and non-regular wages such as overtime pay and bonuses, stood at NT$760,632, up 3.91 percent from a year earlier, while average annual real aggregate earnings grew 2.21 percent to NT$694,008, also beating inflation, the data showed.
Photo: Wang Chieh, Taipei Times
The 2.21 percent growth was the highest in seven years, the DGBAS said.
DGBAS Census Department Deputy Director Tan Wen-ling (譚文玲) said the higher regular wage came after an increase in the minimum wage.
With the economy growing, employers gave bonuses and demanded overtime hours, boosting non-regular wages, Tan said, adding that Taiwan’s economy grew at a stunning pace of 8.63 percent last year with exports boosted by artificial intelligence (AI) applications.
The nation’s consumer price index growth eased to 1.66 percent last year, below the 2 percent alert level set by the central bank, ensuring both the average regular wage and earnings beat inflation, she added.
Last year, about 69.74 percent of local employees received a regular wage below the monthly average, marking the fourth consecutive year that share has increased, as highly paid employees skewed the average, Tan said.
The median monthly regular wage rose 3.03 percent to NT$38,406 last year, while after being adjusted for inflation, the real median monthly wage also rose 1.35 percent to NT$35,042, the DGBAS said.
Due to robust global demand for AI applications, the DGBAS said the number of average monthly overtime hours in the local electronics industry hit 27.9 hours last year, the highest for 46 years.
Demand for AI and high-performance computing devices was stronger than expected, which benefited the export-oriented electronic components industry, Tan said.
In addition to the growth in overtime hours, the electronic components industry also reported that average aggregate earnings rose 8.52 percent last year, the highest of any industry in the country, she said.
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